According to latest market survey conducted by Future Market Insights, the global Perchloroethylene market is relishing a market valuation of USD 1,672 Million in 2022, and all set to expand with a CAGR of 3% during 2022 to 2032 period. The market is anticipated to topmost a valuation of USD 2,247 Million by the end of the forecast period.
Attributes | Details |
---|---|
Market Size 2022 | USD 1,672 Million |
Market Size 2032 | USD 2,247 Million |
Value CAGR (2022 to 2032) | 3 % |
Collective Value Share: Top 3 Countries (2022E) | 55% to 60% |
The market for Perchloroethylene is quiet emerging and open to new entrants. It is estimated that Perchloroethylene will account for around 2%-5% of the global ethylene market.
Perchloroethylene, sometimes known as PERC, is a colourless liquid with a pleasant scent. The fundamental cause of the expansion is an increase in the demand for dry-cleaning fluid.
Because of its superior solvent cleaning abilities, simplicity in recycling, and safety in handling, perchloroethylene has grown in popularity. Perchloroethylene is a perfect feedstock for the manufacture of fluorocarbons because of how well it works as a middleman. Perchloroethylene, a fluorinated chemical, is frequently used as a manufacturing intermediate in the dry cleaning sector.
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Over the period of time covered by the study (2017-2021), the stupendous growth in the automotive aerospace and textile industries, the global demand for perchloroethylene is anticipated to grow. The market for Perchloroethylene was recorded to propagate at a phenomenal CAGR of 2.8 % between 2017 and 2021.
Whereas, as per the latest survey conducted by FMI, the Perchloroethylene market is expected to progress at a CAGR of 3% between 2022 and 2032. High demand exists for Perchloroethylene as a result of the intensifying use of Perchloroethylene in a variety of sectors and the growing need for Perchloroethylene products.
The global market for Perchloroethylene will benefit from rising dry-cleaning spending.
Clothing and associated products are cleaned, pressed, and finished in the dry cleaning sector. One of the factors contributing to the expansion of perchloroethylene is consumers' busy lives. Most people prefer to dress in tidy, clean clothing. However, most people don't particularly like washing laundry on a regular basis. Because of their hectic lifestyles, many consumers rely on dry cleaning and laundry services to clean their dirty clothes.
Huntington Group is the largest dry cleaning franchiser in the United States, with more than 400 franchise stores, according to a white paper written by Great American Insurance Group. They also mentioned that the US dry cleaning market is estimated to be worth $8 billion. Professional dry cleaners most frequently choose PERC. Consumers are spending more on laundry and dry cleaning. In industrialised countries, the market for perchloroethylene is also supported by the dry cleaning sector.
According to data from the research paper, the average yearly cost of coin-operated clothing laundry and dry cleaning per customer unit in the United States in 2021 was $30.85. Such increasing spending on dry cleaning will definitely boost the global perchloroethylen market.
Health concerns and recycling is a major challenge Faced by the Perchloroethylene market
Perchloroethylene may be difficult to recycle due to the solvent's high boiling point and strong combustibility. As a result, it is challenging to separate and dissolve perchloroethylene. The dangerous and combustible solvent perchloroethylene is frequently used in dry cleaning as well as other industries. Due to its high boiling point and high degree of flammability, the solvent must be boiled under extreme pressure and gravity. Additionally, it is poisonous and combustible, and it has the potential to be fatal.
The use of the solvent is becoming debatable in light of the report that claims there are harmful substances in the environment. There are risks related to the dry cleaning procedure, including chemical and fire risks. Dry cleaners may come into contact with dangerous substances through their skin, eyes, or breathing in vapors. Exposure to perchloroethylene can result in cancer, nosebleeds, and swollen lungs. Consuming perchloroethylene damages the liver and stomach, causes cancer, and causes the flushing out of metabolic waste. Such factors are responsible for hindering the growth of global perchloroethylene market.
On the basis of end use the global perchloroethylene market is segmented in automotive, aerospace, working industries, industrial, commercial, construction, textile and others
In 2022, the textile sector held more than 32% of the market share, and it is anticipated that it will expand significantly during the coming years. One of the most important industries in any nation is the textile industry. Both in developed and emerging countries, the textile sector plays a significant role in economic progress. Perchloroethylene (PERC) is commonly used for dry cleaning leather and fabrics.
Any type of plastic, industrial, natural fur, agricultural, or medicinal fabric is suitable to be cleaned by PERC, as indicated by the sign for the standard process. Textile products such as apparel, accessories, gloves, headgear, and blankets are also eligible for cleaning. These are the strongest, most potent cleansers available. It can generally be used to clean leather and textile products. However, some plastics, such as trims and beadings, may be affected by it. Additionally, some adhesives may disintegrate and polyvinyl chloride's plasticizer may be removed (PVC).
On the basis of application, the global perchloroethylene market is segmented in refrigerants, dry cleaning, vapor degreaser, extractant, cooling agents, fluoropolymers, cleaning & degreasing, isomerization & reforming and others.
In 2022, the dry-cleaning segment held more than 39% of the market share, and it is anticipated that it will expand significantly over the next few years. In the dry-cleaning industry, consumer preferences for organic and natural cleaning products have been rising. In the dry cleaning sector, consumer preferences for organic and natural cleaning products have been rising over the past few years.
During the anticipated period, market expansion will be supported by an expanding need for clean clothing, rising consumer awareness of dry-cleaning and laundry services, and rising demand for personalised laundry services. There are about 37,000 dry cleaners in the US alone. In the United States, there are roughly 161,500 individuals working in the dry cleaning sector. 60–65% of dry cleaner’s countrywide use PERC as their main solvent, and the majority of the others use a hydrocarbon with a high flash point.
India, japan, Indonesia, Italy and US are the emerging countries in the global perchloroethylene market. The United States is the dominant nation in North America. However, due to strict rules and legislation, the demand for PERC in the dry cleaning sector is projected to decrease in the U.S.
In the future, the perchloroethylene market is projected to expand in Europe. However, the European Union's implementation of the Solvent Emission Directive has caused a fall in the market for PERC as a solvent. Perchloroethylene sales are anticipated to expand steadily in the coming years in the rest of the world. Due to the expanding refrigerant market, Latin America and the Middle East are expected to see an increase in PERC demand.
The regions that make up the global market for perchloroethylene are North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. During the projected period, Asia-Pacific is anticipated to account for a sizable portion of the global market.
Since China is a major producer of refrigerants, the demand for perchloroethylene has increased significantly over the past several years and now represents about half of the total demand worldwide. East Asia has been a major consumer and holds a sizeable portion of the perchloroethylene market, which is dominated by China. During the forecast period China will lead the Asia Pacific region with a CAGR of 3.6%, followed by India.
The market in this area has also been driven by rising vapour degreasing activities in the aerospace and automotive sectors. India and China are the major consumers of PERC in the Asia Pacific region. This scenario is anticipated to persist during the projection period as well.
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Prominent manufacturers are considering investing in research and development to explore the growth prospective in several end-use industries. Likewise, Perchloroethylene is an inexpensive component and easily available anywhere.
To increase their global footprint and better position themselves to take advantage of the escalating market opportunity, some major companies in the market are engaging in mergers and acquisitions, and new entrants to the sector are also doing the same.
Attribute | Details |
---|---|
Growth Rate | CAGR of 3% from 2022 to 2032 |
Base Year for Estimation | 2021 |
Historical Data | 2017 to 2021 |
Forecast Period | 2022 to 2032 |
Quantitative Units | Revenue in USD Million, Volume in Tons and CAGR from 2022 to 2032 |
Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
Segments Covered |
Type, End-use industries, Application, Region |
Regions Covered |
North America; Latin America; Europe; East Asia; South Asia Pacific; Middle East and Africa |
Key Countries Covered |
USA, Canada, Mexico, Brazil, Germany, UK, France, Italy, Spain, Russia, BENELUX, China, Japan, South Korea, India, ASEAN Countries, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, South Africa |
Key Companies Profiled |
Occidental Chemical; Olin Corporation; Westlake Chemical Corporation; The DOW Chemical Company; Banner Chemicals Group; ACE Geosynthetics Enterprise Co, Ltd; Aicello Chemical Co, Ltd; AGC Kanto; Denka Chemicals GmbH; Paari Chem Resources LLP; Befar Group; LUXI Dongyue Group; Xinlong Group Zhejiang; Juhua Wuxi Yangshi; Chemical Dakang; SINOCHEM LANTIAN |
Customization & Pricing | Available upon Request |
In 2022, the value of the global Perchloroethylene market reached over US$ 1,672 Mn
During the forecast period, the global Perchloroethylene market is estimated to expand at a CAGR of 3% during 2022-2032.
The global Perchloroethylene market is projected to reach US$ 2,247 Mn by the end of 2032.
In global Perchloroethylene market dry cleaning application segment will be dominate the global market by the end of 2032.
The key players operating in the Perchloroethylene market are Occidental Chemical, Olin Corporation, Westlake Chemical Corporation, The DOW Chemical Company, Banner Chemicals Group, ACE Geosynthetics Enterprise Co, Ltd, Aicello Chemical Co, Ltd, AGC Kanto, Denka Chemicals GmbH, Paari aChem Resources LLP, Befar Group and various others.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis and Forecast 6.1. Type 6.2. Application 6.3. End Use 7. Global Market Analysis and Forecast, By Type 7.1. Ethylene Oxychlorination 7.2. Acetylene Method 7.3. Ethylene Direct Chlorination 8. Global Market Analysis and Forecast, By Application 8.1. Refrigerants 8.2. Dry Cleaning 8.3. Vapor Degreaser 8.4. Extractant 8.5. Cooling Agents 8.6. Fluoropolymers 8.7. Cleaning & Degreasing 8.8. Isomerization & Reforming 8.9. Others 9. Global Market Analysis and Forecast, By End Use 9.1. Automotive 9.2. Aerospace 9.3. Working Industries 9.4. Industrial 9.5. Commercial 9.6. Construction 9.7. Textile 9.8. Others 10. Global Market Analysis and Forecast, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. South Asia Pacific 10.5. East Asia 10.6. Middle East & Africa 11. North America Sales Analysis and Forecast, by Key Segments and Countries 12. Latin America Sales Analysis and Forecast, by Key Segments and Countries 13. Europe Sales Analysis and Forecast, by Key Segments and Countries 14. South Asia Pacific Sales Analysis and Forecast, by Key Segments and Countries 15. East Asia Sales Analysis and Forecast, by Key Segments and Countries 16. Middle East & Africa Sales Analysis and Forecast, by Key Segments and Countries 17. Sales Forecast by Type, Application, and End Use for 30 Countries 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 19. Company Profile 19.1. Occidental Chemical 19.2. Olin Corporation 19.3. Westlake Chemical Corporation 19.4. The DOW Chemical Company 19.5. Banner Chemicals Group 19.6. ACE Geosynthetics Enterprise Co., Ltd. 19.7. Aicello Chemical Co., Ltd. 19.8. AGC Kanto 19.9. Denka Chemicals GmbH 19.10. Paari Chem Resources LLP 19.11. Befar Group 19.12. LUXI Dongyue Group 19.13. Xinlong Group Zhejiang 19.14. Juhua Wuxi Yangshi 19.15. Chemical Dakang 19.16. SINOCHEM LANTIAN
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